Quinlan Development Group LLC (QDG), a privately held real estate investment and development firm, is building a self-storage facility in Hillside, N.J. The property at 591 N. Union Ave. will comprise 1,162 climate-controlled and 41 traditional, drive-up units. It will be managed by CubeSmart, a self-storage real estate investment trust and third-party management company, according to a press release from HFF (Holliday Fenoglio Fowler LP), the commercial real estate and capital-markets services firm that secured construction financing on behalf of the developer.
The property is immediately off the Garden State Parkway, with exposure to more than 282,000 vehicles per day. Hillside is 15 miles from New York City. More than 300,000 people live within a three-mile radius of the site, the release stated.
HFF team members Geoff Goldstein, senior director; Michael Klein, managing director; and Jay Marshall, senior managing director; secured $15.65 million in construction financing from Arkansas-based Bank OZK.
Founded in 1971 and based in New York City, QDG has built, renovated or invested in more than 36 properties including luxury condominiums, mixed-use rentals, office space, retail and self-storage. Its portfolio comprises more than 2.2 million square feet.
CubeSmart owns or manages 1,075 self-storage facilities across the United States. Its operating portfolio comprises more than 69.5 million square feet.
HFF and its affiliate, HFF Securities LP, are owned by HFF Inc. The firm operates out of 26 offices nationwide and specializes in advisory services, commercial-loan servicing, debt and equity placement, and investment and loan sales.
